The eight consecutive rate rises in 2022 have already made a dent to the overall housing market but the impact, however, might not be the same in all areas.
Aus Property Professionals founder Lloyd Edge said it might not be all doom and gloom for the property markets, even if the Reserve Bank of Australia started raising rates again this month.
“While the general sentiment revolves around blanketing heavy declines in the property markets, there are still many more suburbs and regions experiencing growth despite the current interest rate changes,”
“It is not all a one-size-fits-all story with the property markets, and each so unique, depending upon the growth drivers in the area, age of the population and housing demand in the area.”
Here are six locations defying the impact of the rate rises.
1. Gorokan, NSW
Nestled on the Central Coast, Gorokan was still able to report growth last year of 10.8%, extending the 27.5% gain seen in 2021.
Mr Edge said Gorokan is a popular spot for Sydneysiders to relocate, driven by the location’s lifestyle, cheaper house prices, and accessibility to the city.
“This of course has been assisted by the pandemic, being that working from home has become widely more acceptable and very much the norm, allowing this type of nearby relocation while maintaining their existing job, therefore not needing to worry about work in their chosen area of relocation,” he said.
2. Forster, NSW
Forster is located on the mid-north coast, around 300 kilometres north-east of Sydney and is four hours’ drive away.
Over the past year, Forster recorded growth of 18.8%, extending the 20.4% gain it achieved in 2021.
“This is another popular coastal town with beautiful beaches and an affordable lifestyle, still attracting lots of buyer interest and positive market activity,” Mr Edge said.
3. Maryborough, QLD
The twin city of Hervey Bay in the Fraser Coast Region, Maryborough is around four hours north of Brisbane.
“An historic city on the Mary River, rich in beautiful and historic buildings, Maryborough has enjoyed 21.1% growth in 2022, after 29.5% in 2021,” Mr Edge said.
4. Toowoomba, QLD
Located in the Darling Downs region of Southern Queensland, Toowoomba is the second most populous inland city in the country, next to Canberra.
Over the past year, Toowoomba reported a 6.9% rise in median house prices. In 2021, Toowoomba posted a stellar 35.3% gain in median house prices.
5. Wodonga, VIC
Wodonga is located on the New South Wales/Victoria border. It is the state’s fastest growing regional city, situated about 300 kilometres north-east of Melbourne.
Wodonga is the site of an Australian Army logistics base and training centre for Amy technical apprentices, the Army logistic training centre. It is also home of La Trobe University and Wodonga Institute of Tafe.
Following the 25.3% median house price growth in 2021, Wodonga continued to report growth the year after with an 18.2% gain.
“It’s no wonder why. If you haven’t visited the region, add it to your list,” Mr Edge said.
6. Warrnambool, VIC
Situated along the Great Ocean Road in Victoria, Warrnambool experienced a 13.7% gain in median house price last year, extending the 26.2% growth in 2021.
“It is well known for its safe, sheltered beaches, moderate climate, parks, gardens and Logans Beach where southern right whales come to give birth each year between June and September, offering a mix of seaside locations, tourism and family appeal,” Mr Edge said.
“The fresh sea air and relaxed attitude make for an enviable, healthy lifestyle.”
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Photo by Snapwire from Pexels.
